S&P 500 Gains and Losses Today: Moderna Soars on Bird Flu Vaccine Potential [Video]

Major U.S. equities indexes lost ground as the latest Purchasing Managers’ Index (PMI) showed an expansion in the manufacturing sector but revealed an increase in the “prices paid” index during December.

The indication of pricing pressure in the final month of 2024 could encourage a cautious stance by Federal Reserve policymakers as they weigh the appropriate timing and magnitude of additional interest rate cuts this year.

The S&P 500 slipped 1.1%. Underperformance in the technology sector dragged on the Nasdaq, which fell 1.9%, while the Dow ended the session 0.4% lower.

The heaviest losses in the S&P 500 hit shares of big data analytics software provider Palantir Technologies (PLTR), which dropped 7.8%. Tuesday’s decline extended the losses posted in the prior session after Morgan Stanley analysts expressed their trepidation about the stock’s valuation following the massive 2024 run-up that made Palantir the top performer in the benchmark index last year.

Shares of artificial intelligence (AI) semiconductor powerhouse Nvidia (NVDA) plunged …